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Mar 13, 2013
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resolve, not on the debt ceiling, but importantly on see quest train stati sequestration. and that's why we saw it as a positive going forward. they sidelined the risk of a rating downgrade. they sidelined the risk of a disorderly jump in interest rates. and i think a lot of people thought one of the big risks for early this year was in 1994 style dislocation of bond markets that would knock down all asset classes, not likely to happen now. >> well, the good news is, it must have been 5 1/2 years now that wall street has been completely focused on washington and seeing what's there. now what do we watch? >> well, gridlock is fine. it's economic terrorism that is not. and that's the situation we were in. we were in a situation where a big block of people in the government were threatening to shut everything down and not pay the debts and they were being taken seriously. that was a reasonable position. we've moved past that. >> what do you guys watch right now? what's the thing? if you can't turn to washington say here's the latest thing. are you watching earnings or economi
resolve, not on the debt ceiling, but importantly on see quest train stati sequestration. and that's why we saw it as a positive going forward. they sidelined the risk of a rating downgrade. they sidelined the risk of a disorderly jump in interest rates. and i think a lot of people thought one of the big risks for early this year was in 1994 style dislocation of bond markets that would knock down all asset classes, not likely to happen now. >> well, the good news is, it must have been 5...
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Jan 11, 2013
01/13
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in my view, the republicans should not use the debt ceiling limit as the basis of leverage. they should use the sequester, and they should use the -- they should not use a long-term extension for the debt ceiling. they should extend it no longer than the end of this current calendar year. we need to do a grand bargain in 2013 and we can talk -- >> we are getting further and further away from not only grand bargain but also any sort of tax reform that simplifies the system. eamon just showed us was crazy, the idea that federal with holding goes down by $4 because of some inflationary index that goes along with that? >> right, right. what we need to do is get confidence in tax reform that makes it simpler, fairer, more competitive, and generates more revenues. we also have to have social insurance reform and we've got to focus on health care reform. >> david, the morning money e-mail this morning highlights a report from left leaning group, center on budget and policy priorities from richard keoghan and he argues that all we need to do is do $1.2 trillion in deficit reduction,
in my view, the republicans should not use the debt ceiling limit as the basis of leverage. they should use the sequester, and they should use the -- they should not use a long-term extension for the debt ceiling. they should extend it no longer than the end of this current calendar year. we need to do a grand bargain in 2013 and we can talk -- >> we are getting further and further away from not only grand bargain but also any sort of tax reform that simplifies the system. eamon just...
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Oct 2, 2013
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that we should not go with the debt ceiling looming on october 17th. the president needs help now from diamond. last week jamie was here negotiating over this settlement. it's an awkward situation. we're going to watch it play out today. >> give us the back story. was there a back story from the j.p. morgan side about whether diamond should go? conversation about whether he should say something publicly after he sees the president, i imagine about the potential settlement? give us the inside dope. >> i wish i had inside dope for you know diamond is con officialed to be here. we're going to wait and see if he'll say anything when he comes out. typically they designate one or two of the figures who are here to come out and talk to the press afterwards. will jammy dimon be among those? we don't know. i don't know if the white house weighed having him here. it's an awkward moment. jammy wants something from this administration. he wants this settlement to be done, dollar figure low. the president wants something from jammy. you've got an interesting moment
that we should not go with the debt ceiling looming on october 17th. the president needs help now from diamond. last week jamie was here negotiating over this settlement. it's an awkward situation. we're going to watch it play out today. >> give us the back story. was there a back story from the j.p. morgan side about whether diamond should go? conversation about whether he should say something publicly after he sees the president, i imagine about the potential settlement? give us the...
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Jan 15, 2013
01/13
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. >>> as we near the debt ceiling, what does washington need to do to get our nation's finances back on track? joining us now from new york is republican senator rob portman. a member of the senate finance committee, and budget committee. rob, it's good to see you. >> thanks for having me on again, my friend. >> you're welcome. you saw the -- the press conference yesterday, i guess? >> i did. i was surprised. >> tell me why. >> because the president's ignoring the big issue. i mean, he is misleading folks about what's going on here. he's saying we ought to pay our ibms. of course we ought to pay our bills. that misses the point. the point is what are the bills going forward going to be? i mean look we're $130,000 now per family in debt, record levels as you guys have talked about already this morning. if we don't deal with this crushing debt we will not be able to get the kind of economic recovery we all hope for. it's generational theft for future generations. the president says let's extend it and give me a blank check. the point was made in the press confidence, which i thought wa
. >>> as we near the debt ceiling, what does washington need to do to get our nation's finances back on track? joining us now from new york is republican senator rob portman. a member of the senate finance committee, and budget committee. rob, it's good to see you. >> thanks for having me on again, my friend. >> you're welcome. you saw the -- the press conference yesterday, i guess? >> i did. i was surprised. >> tell me why. >> because the president's...
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Feb 5, 2013
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to put off the table the debt ceiling because they don't want to accuse of causing a debt default. they postpone it. they're going to continue the current levels so they're not going to be accused of shutting down the government. >> by the way, is that going to go on for three months or actually put it off for a year or two? >> they're going to do it every three months and every three months postpone it so that you know, the democrats on a short leash. i don't think they're going to try to default and nobody wants that. but they think that the democrats had all the leverage in fiscal cliff because of taxes. i think this time around it's the spending cuts automatic and they want to play hardball and there will be a game of chicken. we'll see which side blinks. >> what's your sense on employment? what's your projection in terms of where we are on the unemployment picture 12 months out? >> i think there will be a slow reduction of the employment rate because we're going to create something between 150,000 and 200,000 jobs essentially per month. >> that's going to be consistent? >> ups
to put off the table the debt ceiling because they don't want to accuse of causing a debt default. they postpone it. they're going to continue the current levels so they're not going to be accused of shutting down the government. >> by the way, is that going to go on for three months or actually put it off for a year or two? >> they're going to do it every three months and every three months postpone it so that you know, the democrats on a short leash. i don't think they're going to...
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Jan 16, 2013
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debt ceiling. the coke group americans for prosperity is urging restraint from republicans during the negotiations. these guys you said are on the right have moved to those guys you said were in the center, some of them, anyway, right? >> i think -- >> these guys are folding, caving. they know obama has them on the run, as far as public opinion. they're running off -- >> nothing is ever simple. the debt ceiling is only 1 of 3. >> you'd sequester -- >> i think we will see the sequester, the path of least resistance. congress has to do something to prevent the sequester and the president agree to it. it's unlikely, 1$1.2 trillion, using the dollar for dollar basis, do it twice and -- >> have you seen "41," movie, "41." i saw a couple clips and president bush talking about the nixon year, because he was there and what was it like to be a republican. he said it was not a great time to be a republican at the end of the nixon era and the prospects for the party didn't look very positive. i don't know. it
debt ceiling. the coke group americans for prosperity is urging restraint from republicans during the negotiations. these guys you said are on the right have moved to those guys you said were in the center, some of them, anyway, right? >> i think -- >> these guys are folding, caving. they know obama has them on the run, as far as public opinion. they're running off -- >> nothing is ever simple. the debt ceiling is only 1 of 3. >> you'd sequester -- >> i think we...
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Aug 12, 2013
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from the debt ceiling, how do we get there? >> tony, too sanguin? >> yes. they were surprised to hear i was as surprised how this will work out. i really am. i think when the president and congress did the deal on the bush tax cuts, it took away the deal to get it done. the pressure on the conservatives. that's gone now, it makes all of these fights much more difficult and wall street really understands. >> we will leave it there. thank you, guys. >> thank you. >>> all right, still to come on "squawk box," we have more of today's top stories, including the latest on the board room battle at j.c. penney. that's coming up at the top of the hour. help the gulf recover and learn from what happened . . >> welcome back. u.s. equities futures at this hour. let's look at how we are setting up on the streets on this monday. it looks like it will be a lower open. at least that's how it's shaping up at this hour. the u.s. stockmarket ending six weeks of gains on friday. that's how we are looking right now. we get ready for the trading week ahead when "squawk" returns.
from the debt ceiling, how do we get there? >> tony, too sanguin? >> yes. they were surprised to hear i was as surprised how this will work out. i really am. i think when the president and congress did the deal on the bush tax cuts, it took away the deal to get it done. the pressure on the conservatives. that's gone now, it makes all of these fights much more difficult and wall street really understands. >> we will leave it there. thank you, guys. >> thank you....
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Jan 17, 2013
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you know, the democrats are starting to say if you go over the debt ceiling, you hit it, calamitous. and you have other words from damaging to manageable, republicans saying we can do this for awhile and it will be okay. i want to look at specific issues here. democrats say any missed government payment is a default. republicans say, no, only when you don't pay the interest on the debt. how about on the issue of can the government prioritize payments so that the incoming cash equals the outgoing cash? really the republicans -- i'm sorry, democrats saying no authority to do this and really no ability to program our computer system to do that. republicans saying you know what? the government can pay just the interest, social security and defense spending meaning military salaries. markets, of course, democrats say they're going to demand higher wage because of this. republicans will suggesting they'll overlook this gridlock. finally on the economy, a lot of folks saying it would cause a depression. republicans say, there are temporary effects here. now, okay, so let's do this. could yo
you know, the democrats are starting to say if you go over the debt ceiling, you hit it, calamitous. and you have other words from damaging to manageable, republicans saying we can do this for awhile and it will be okay. i want to look at specific issues here. democrats say any missed government payment is a default. republicans say, no, only when you don't pay the interest on the debt. how about on the issue of can the government prioritize payments so that the incoming cash equals the...
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Jul 17, 2013
07/13
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. >> well, if yesterday's filibuster deal indicates the next debt ceiling debate, republicans will give the democrats everything they want. did you see that -- >> how about the clinton impeachment brought up again. >> there is some good stuff happening on the fiscal side, too. >> fannie and freddie might not pass again. >> citi is coming down dramatically. medical costs for the first time -- >> they're going back up. >> i don't know. line by line it's been better. >> i'm not so sure. it's been trending down now for a couple of years. >> a couple days ago, there was a piece that it started reversing. who knows. buts he 00 not 6% to 9% a year growth anymore. which a lot of these long term doom scenarios have -- when i saw the health care bills would go up, but in any case, there is good news on that front. >> we have seen the ten year treasury touching 2.496% after bernanke's comments and that's the lowest level since july 3. again looking at a vacuum. >> that's the fulcrum group. >> when would you buy housing? >> i'd buy houses like at -- get me in trouble with faber, but i can get those
. >> well, if yesterday's filibuster deal indicates the next debt ceiling debate, republicans will give the democrats everything they want. did you see that -- >> how about the clinton impeachment brought up again. >> there is some good stuff happening on the fiscal side, too. >> fannie and freddie might not pass again. >> citi is coming down dramatically. medical costs for the first time -- >> they're going back up. >> i don't know. line by line it's...
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Jan 10, 2013
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is it conceivable that republicans will say, fine, we'll send the debt ceiling but the sequester we're not budging on? >> what i think is going to happen is there's going to be a big -- there's going to be epic fight over the debt limit. and ultimately i don't think the republicans are going to win that because i don't think the public, and by the way, nor the business community, agrees that using the debt limit as a method of pushing the united states to the very edge of default -- >> why not say go ahead, we're not going to win that on a pr fight? >> when all of the fighting is kind of winding down, there's the sequester $1.2 trillion of spending cuts. that's a lot. as i said earlier you add it up it comes to $3 trillion over the last year and a half. that's also a lot. i think the most likely scenario is that the sequester goes ahead. now remember, congress can undo it any given moment that it decides to pass a bill supers e superseding it, so it's not locked in for ten years in some way. congress can undo it but i think it's going to start. >> roger, thank you very much for joining
is it conceivable that republicans will say, fine, we'll send the debt ceiling but the sequester we're not budging on? >> what i think is going to happen is there's going to be a big -- there's going to be epic fight over the debt limit. and ultimately i don't think the republicans are going to win that because i don't think the public, and by the way, nor the business community, agrees that using the debt limit as a method of pushing the united states to the very edge of default --...
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Oct 10, 2013
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in that there's a faction of the republican party that wants you to believe that reaching the debt ceiling is not a big deal and the democratic party wants you to believe it's a catastrophe. and they want the pressure on the republicans to understand. >> that's why we want guys -- >> there's a different dynamic. in '08 it was because of concerns of credit. this is a deal that can be done. a deal that can be done. >> people can do it. >> and therefore, i think the dynamics are a little bit different. >> okay, guys. we're going to take a quick break. because jack lew will begin his testimony. we'll bring you some of his comments live. and then like an oasis in a desert, temporary reprieve, we'll bring you those numbers and market reaction. don't go anywhere, we're coming right back. >>> your representatives in congress have failed to compromise, failed to do the job you elected them to do. so we called someone who is used to dealing with deadweight. tomorrow on "squawk box," darrell from "the walking dead" will join us onset. don't miss it. opportunities aren't always obvious. sometimes they
in that there's a faction of the republican party that wants you to believe that reaching the debt ceiling is not a big deal and the democratic party wants you to believe it's a catastrophe. and they want the pressure on the republicans to understand. >> that's why we want guys -- >> there's a different dynamic. in '08 it was because of concerns of credit. this is a deal that can be done. a deal that can be done. >> people can do it. >> and therefore, i think the...
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Jan 22, 2013
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of the debt ceiling. joining us to talk about the debt fight in congress, jeffrey solomon, ceo of cowan and company. he's making his way to the "squawk" set. what we call a perp walk, no guy that runs a big wall street needs a perp walk, do they? >> squawk walk. >> kind of like walk like a duck. >> all right. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. >>> welcome back to "squawk box." joining us now on set to talk equity market structure, and the debt ceiling. jeff solomon cowen & company ceo. let's start with, i'm intrigued now. equity market structure. what are you going to talk about now? how do you want to talk about that? >> well, i think, i mean, we've been talking for a little over a couple of years about how crazy the equity market struc
of the debt ceiling. joining us to talk about the debt fight in congress, jeffrey solomon, ceo of cowan and company. he's making his way to the "squawk" set. what we call a perp walk, no guy that runs a big wall street needs a perp walk, do they? >> squawk walk. >> kind of like walk like a duck. >> all right. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced...
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Jan 9, 2013
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. >> i think the republicans will be much tougher on the debt ceiling. >> does that make you happy? >> it does. i want to see one dollar of entitlement cuts for every dollar the debt ceiling is raised. >> you're not normally this mean, this nasty. >> i'm with you and you inspire me. >> you know what, we are coming together somewhere in the middle. you know what we're doing in a word, two words, we're rising above, dude. you got your pen? get you a pen. we're rising above. where's yours? we'll get you one. >> byron, i want to go through some of your predictions. >> surprises. >> surprise predictions, surprises that could come up over the course of next year. you spend a lot of time trying to figure out what the market's doing and consensus is and where it could be taken off guards in some places. i want you to react. start with number 10, that eu structural problems we main unresolved. when i first heard that, i don't think they will be unresolved. you're right, the market has bid things it's looking like the world is better. >> last year, all the european markets were up and europe
. >> i think the republicans will be much tougher on the debt ceiling. >> does that make you happy? >> it does. i want to see one dollar of entitlement cuts for every dollar the debt ceiling is raised. >> you're not normally this mean, this nasty. >> i'm with you and you inspire me. >> you know what, we are coming together somewhere in the middle. you know what we're doing in a word, two words, we're rising above, dude. you got your pen? get you a pen. we're...
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Jan 25, 2013
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then you said that the republicans for once weren't totally ridiculous with the debt ceiling but they extend the debt ceiling -- >> richard, stay with us. austan you're here for the rest of the show. we'll have more. at 1:45, the aflac duck was brought in with multiple lacerations to the wing and a fractured beak. surgery was successful, but he will be in a cast until it is fully healed, possibly several months. so, if the duck isn't able to work, how will he pay for his living expenses? aflac. like his rent and car payments? aflac. what about gas and groceries? aflac. cell phone? aflac, but i doubt he'll be using his phone for quite a while cause like i said, he has a fractured beak. [ male announcer ] send the aflac duck a get-well card at getwellduck.com. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll
then you said that the republicans for once weren't totally ridiculous with the debt ceiling but they extend the debt ceiling -- >> richard, stay with us. austan you're here for the rest of the show. we'll have more. at 1:45, the aflac duck was brought in with multiple lacerations to the wing and a fractured beak. surgery was successful, but he will be in a cast until it is fully healed, possibly several months. so, if the duck isn't able to work, how will he pay for his living expenses?...
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Nov 19, 2013
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the one thing that could dislodge the market is when we revisit the debt ceiling and the continuing resolution at the beginning of the coming year because it looks like there's still a lot of animosity between the democrats and republicans on the hill. >> so what do you do in the meantime if you're trying to find places to put your money? are stocks still the way to go? >> absolutely. because, you know, the ten year gives you almost no return. what you have to do is find deep value, high return on equity companies that have solid earnings prospects, but still sell at low multiples. and i have a couple of small and mid cap stocks for you this morning if you'd like them. >> i would. why don't you tell us about myriad genetics. >> it dominates the tests for the genetic marker for breast cancer in women. that's roughly 90% of the revenue. the stock got hit hard earlier in the year because the supreme court ruled you can't basically patent or have proprietary licenses on things that occur in nature. the stock fell out of bed. we used it as an opportunity to buy. the stock is roughly $26 at this poi
the one thing that could dislodge the market is when we revisit the debt ceiling and the continuing resolution at the beginning of the coming year because it looks like there's still a lot of animosity between the democrats and republicans on the hill. >> so what do you do in the meantime if you're trying to find places to put your money? are stocks still the way to go? >> absolutely. because, you know, the ten year gives you almost no return. what you have to do is find deep value,...
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Sep 23, 2013
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both the shutdown and a debt ceiling crisis in that poll. there's moderate support among republicans for defunding obama care. not a huge amount of support, but there is a majority support. if you say the price for defunding obama care is shutting down the government, possibly having a debt ceiling crisis, that support plummets among republicans who don't want to see that. the only group that is supportive of shutting down the government or forcing a debt ceiling crisis is the tea party faction in the republican party which is powerful and probably the most powerful faction. it is a minority within the republican party and it's a minority in the the country. are they going to shut down the government over obama care, probably help themselves in republican primaries next year but take a big hit nationally. i don't think they want to take that hit nationally. they haven't figured out how to sell something to the tea party wing that can get through and get past the crises. >> they want to keep the obama care front and center. you see the articl
both the shutdown and a debt ceiling crisis in that poll. there's moderate support among republicans for defunding obama care. not a huge amount of support, but there is a majority support. if you say the price for defunding obama care is shutting down the government, possibly having a debt ceiling crisis, that support plummets among republicans who don't want to see that. the only group that is supportive of shutting down the government or forcing a debt ceiling crisis is the tea party faction...
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Jan 18, 2013
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extension in the debt ceiling and focus on spending. they seem -- you know, they seem to be a little bit hesitant to allow themselves to be set up again as people that are trying to destroy the economy. they're tired of being put in that position where they're holding back the economy. and i think it was the accusation in the first place, but they're sensitive to this point and they're going to roll over. >> they're very sensitive. the political realities of the situation is that i think we all know what needs to be done longer term. the reality is can they get any of this done in the next two months? and that's a much bigger question. i think they're trying to figure that out right now? >> well, we will have people that will argue that we don't have a spending problem, that president obama said we're going to have an economist on today on how you get -- you know, we're going to talk to him. he says the one thing that would hurt the economy is in cuts in social security or medicare or medicaid. any type of reform to those things. >> to
extension in the debt ceiling and focus on spending. they seem -- you know, they seem to be a little bit hesitant to allow themselves to be set up again as people that are trying to destroy the economy. they're tired of being put in that position where they're holding back the economy. and i think it was the accusation in the first place, but they're sensitive to this point and they're going to roll over. >> they're very sensitive. the political realities of the situation is that i think...
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Sep 30, 2013
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is he going to use the executive power on the debt ceiling? is john boehner going to blink and try to do something with the democrats and few republicans? there's a lot of possibilities around this. but the uncertainty in markets, hate uncertainty. you know that. >> yeah, i do. it's almost certain this was going to happen. i view this as not uncertain. >> it's not bad to send a signal to washington. i remember five years ago with t.a.r.p. there's a similar debate. people were debating the intricacie intricacies, the timing, maybe it didn't matter, maybe it did. that sent the signal to washington, suddenly the deal got done quickly. hopefully today will be that wake-up call and will get done within the next day or two. >> all right, thanks, bob. see you later. steve will be with us. >>> former treasury secretary neal wolin. what it takes to keep the government running and what it means for investors. and apple's tim cook ready to meet with carl icahn today. what will be said and how will cook handle the brash billionaire? all that when we retur
is he going to use the executive power on the debt ceiling? is john boehner going to blink and try to do something with the democrats and few republicans? there's a lot of possibilities around this. but the uncertainty in markets, hate uncertainty. you know that. >> yeah, i do. it's almost certain this was going to happen. i view this as not uncertain. >> it's not bad to send a signal to washington. i remember five years ago with t.a.r.p. there's a similar debate. people were...
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Oct 4, 2013
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if the republicans gave the president a clean debt ceiling bill, would the president not sign it? because that is a difficult position to sustain publicly. if you listen to the rhetoric and the message to wall street is that by saying these guys are playing with fire by holding hostage the full faith and credit. if boehner can take that away from them, he still maintains the ability to dig in his heels on the shutdown. and the polls -- and the markets do not seem to be responding to the shutdown specifically. they feel they've seen that movie before and don't need to freak out. >> what do you think it is per week? you could be -- >> a keynote -- >> you could have a recession and -- >> it's nonlinear, right? no big deal. second week, it's .5%. >> .5% in the second week? >> second week. cumulative. cumulative. >> that's still. >> we're talking about .5 percentage points off gdp. >> takes us down into the ones. >> yeah. it'll stall out. >> you get some of it back when they reopen and repay -- >> if they do back pay. >> i'm going back to work upstairs on my computer to get ready with
if the republicans gave the president a clean debt ceiling bill, would the president not sign it? because that is a difficult position to sustain publicly. if you listen to the rhetoric and the message to wall street is that by saying these guys are playing with fire by holding hostage the full faith and credit. if boehner can take that away from them, he still maintains the ability to dig in his heels on the shutdown. and the polls -- and the markets do not seem to be responding to the...
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Dec 23, 2013
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we can get something for the debt ceiling, but we can't do it with rhetoric and tone that's going to impair our ability to connect electorally. they look pretty good for republicans. >> you just signed your name right and you win votes if you're the opposition party. >> president at 41% approval. that's historically, you're seeing massive shift of political real estate. we don't have massive amounts of political real estate in the house and senate available. but we can win the senate in large part, i think, by doing no evil. >> yeah. >> and the real question in terms of electoral success in 2014 is does the tea party candidates in some of these key electoral battleground states have an impact in the general election? or defeat some of these moderate republicans? do we take it to extremes so they lose their seats? >> i agree with phil. that strategy is better than, you know, go to the barricades, repeal at all costs, make obama care the single issue -- >> i'm going to say that 2014 is the year where the quote, unquote establishments put down the insurrections of the right. you look at
we can get something for the debt ceiling, but we can't do it with rhetoric and tone that's going to impair our ability to connect electorally. they look pretty good for republicans. >> you just signed your name right and you win votes if you're the opposition party. >> president at 41% approval. that's historically, you're seeing massive shift of political real estate. we don't have massive amounts of political real estate in the house and senate available. but we can win the...
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Jan 7, 2013
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. >> republicans and democrats have been ramping up the rhetoric on the debt ceiling over the weekend. governor rendell, former pennsylvania governor and cnbc contributor joins us now with more. good morning. >> good morning, guys. >> i want to read you what mitch mcconnell had to say over the weekend. he said the tax issue is over. he said we resolved that a few days ago. now it's time to pivot the single biggest threat to our country both in the short-term and the long-term, we now have a debt of $16.4 trillion. your sense, are we -- is taxes on the table now? are they off? you heard what pelosi said, we need to find more revenue. she's talking about it in the context of taxes of some sort. >> well, if we take a deep breath and get aside -- put aside the political posturing, campaign to fix the debt believes we need to do about another $1.7 trillion in spending cuts, and obviously that means entitlement. and secondly, we've got to do about another $600 billion in revenue. and we can do that through tax reform, we can actually lower some rates. eliminate some loopholes, do things tha
. >> republicans and democrats have been ramping up the rhetoric on the debt ceiling over the weekend. governor rendell, former pennsylvania governor and cnbc contributor joins us now with more. good morning. >> good morning, guys. >> i want to read you what mitch mcconnell had to say over the weekend. he said the tax issue is over. he said we resolved that a few days ago. now it's time to pivot the single biggest threat to our country both in the short-term and the long-term,...
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so what republicans are -- is that the right tack to try to use the debt ceiling to get medicare under control? and is there any way that president obama goes for that type of plan that -- or the any type of going to define contribution from defined benefit? >> well, it's pretty clear that obama believes that the only problem that we have is an undertaxing problem in this country. >> for medicare, as well? >> everything. everything. there's no -- there's no indication that he honestly believes that we have a spending and entitlement problem in this country that can't be taken care of from the fiscal consolidation that comes around from taxing people. >> what do you think people want, arthur? a lot of people want medicare. they don't want it at 67. >> of course, that's absolutely right. >> so do we give the people what they want? >> no. one of the cases is we have to make the moral case to the american people that what we're doing right now is going to wreck the country. and until right now we have a president of the united states who is basically saying you know, the reform, the real p
so what republicans are -- is that the right tack to try to use the debt ceiling to get medicare under control? and is there any way that president obama goes for that type of plan that -- or the any type of going to define contribution from defined benefit? >> well, it's pretty clear that obama believes that the only problem that we have is an undertaxing problem in this country. >> for medicare, as well? >> everything. everything. there's no -- there's no indication that he...
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i think it all depends on what kind of pressure builds up before they get to the debt ceiling increase that will happen probably august 1st. >> he would take that off the table if the republicans don't do the investments in the revenue, right? >> that's what he says, yeah. >> jared, it's not like -- >> when he says it's not a menu they can pick and choose from, he means it. >> which means it's going -- you're offering things you're not going to have to deliver on. >> there's this word compromise that doesn't seem to be -- >> nussel's ready. he's got this new job. >> i'm not ready if they're going to do some kind of back room back deal that doesn't work. >> all right, jared, thanks. jim, thanks. good to see you guys. hnchts investo >>> investors flocking to the marijuana market. why this budding business could be bigger than the corn market. a wealth of etf knowledge tdd: 1-800-345-2550 all in one place. tdd: 1-800-345-2550 introducing schwab etf onesource.. tdd: 1-800-345-2550 it's one source with the most commission-free etfs. tdd: 1-800-345-2550 one source with etfs from leading prov
i think it all depends on what kind of pressure builds up before they get to the debt ceiling increase that will happen probably august 1st. >> he would take that off the table if the republicans don't do the investments in the revenue, right? >> that's what he says, yeah. >> jared, it's not like -- >> when he says it's not a menu they can pick and choose from, he means it. >> which means it's going -- you're offering things you're not going to have to deliver on....
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the think the president's not going to bargain over the debt ceiling. i think we could have a shutdown. after the 20-day shutdown under clinton, which caused huge economic and political fallout, republicans don't want to -- >> but had a bunch under reagan. >> but -- >> we had two under clinton. those were partial, by the way. >> but the president has to lead the discussion. he needs to be in the middle of this talking to everybody. >> he is. but he's not going to bargain on the debt ceiling and he shouldn't. >> why do you say he's talking to everybody? >> i think they're talking all the time. >> you read in the papers that there are no talks going on sometimes. >> but they're talking to republicans all the time. >> happy birthday to your kids. >> happy birthday. >> see you guys on monday. >> make sure you join us. "squawk on the street"'s next! ♪ there it is, whoop, there it is ♪ >>> all right, good friday morning. welcome to "squawk on the street." aim carl quintanilla with kelly evans and david faber. jim cramer is off today. the fiscal show down
the think the president's not going to bargain over the debt ceiling. i think we could have a shutdown. after the 20-day shutdown under clinton, which caused huge economic and political fallout, republicans don't want to -- >> but had a bunch under reagan. >> but -- >> we had two under clinton. those were partial, by the way. >> but the president has to lead the discussion. he needs to be in the middle of this talking to everybody. >> he is. but he's not going to...
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that it has typically been used as a negotiating tactic in the past when you're raising the debt ceiling. and you're quick to blame the fleas, you know, the republicans are fleas. at best, they're a tail on a dog, but isn't -- there's no blame to be ascribed to the other side that will not negotiate, won't talk about anything as bad as our long-term problems are in terms of the budget? >> i think, you know, i wouldn't say it's typical. there have been a couple of times. and frankly if you look at the times, it really didn't it didn't result in anything real as far as deficit reduction. but this is -- >> negotiating going on during a debt ceiling. that both sides realize that you've got to talk and give something prid -- >> nothing to do with the debt ceiling, it has to do with obama care and the health care system a law that passed. in the past, no one said that we were going to use -- we were going to raise the threat of actually defaulting. and at this time, very explicitly, you know, senator cruz and his allies in the house have said we are willing to let the government default and ta
that it has typically been used as a negotiating tactic in the past when you're raising the debt ceiling. and you're quick to blame the fleas, you know, the republicans are fleas. at best, they're a tail on a dog, but isn't -- there's no blame to be ascribed to the other side that will not negotiate, won't talk about anything as bad as our long-term problems are in terms of the budget? >> i think, you know, i wouldn't say it's typical. there have been a couple of times. and frankly if you...
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of the debt ceiling until after the election. in exchange, the obama administration designed a sequester designed to be so bad that the parties would compromise. so i think bob woodward's story that this was designed -- and part of it was designed by jack lew who had a memory of what happened with the -- >> but so it is bad, then? >> yeah, it is a -- it's a bad policy, not as much because of the size of the cut. it's a bad policy because of the inflexibili inflexibility. rather than saying, oh, gee, we have something here we don't need to do, let's eliminate it, let's not cut the air traffic controllers. there's very little capacity to make rationale choices -- >> but nobody can agree on what's necessary and what's not. that's the problem in washington. >> well, i think with the first round, it's easier. there are some things that people in washington know are not very valuable that the government is spending on. this is not the tenth year of the ee quester cuts. there are things, for example, the democratic senate bill proposed
of the debt ceiling until after the election. in exchange, the obama administration designed a sequester designed to be so bad that the parties would compromise. so i think bob woodward's story that this was designed -- and part of it was designed by jack lew who had a memory of what happened with the -- >> but so it is bad, then? >> yeah, it is a -- it's a bad policy, not as much because of the size of the cut. it's a bad policy because of the inflexibili inflexibility. rather than...
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and when the republicans change to fighting on the sequester, which is about 0.5% instead of the debt ceiling or shutting the government down, which are unimaginably big if they were to be a problem, that shift is something that was definable meant that you could lower your estimate of a disaster because you're not going to have a debt ceiling mess. you're fought going to have a big government shutdown. you have a 0.5% drag from the sequester and that's about it and you know wa you're dealing with. >> what made me feel a little bit better about what you just said, so many people are saying this is a fed fueled stock market rally. and that is true to some extent. but you just talked about all of the underpinnings of the economy that are benefiting from the fed policy which justify the move in march. so it's not just like some -- something that only affects the wealth effect in stock markets. the underlying economy is reflecting the low rates, which is helping underpin the market. >> the fed easying policy is inefficient, but it's working. they're kind of, okay, it doesn't work that eff
and when the republicans change to fighting on the sequester, which is about 0.5% instead of the debt ceiling or shutting the government down, which are unimaginably big if they were to be a problem, that shift is something that was definable meant that you could lower your estimate of a disaster because you're not going to have a debt ceiling mess. you're fought going to have a big government shutdown. you have a 0.5% drag from the sequester and that's about it and you know wa you're dealing...